我国上市公司业绩预告修正的市场反应
发布时间：2018-08-28 18:22
【摘要】：业绩预告制度的设立旨在提前释放业绩风险,减轻年报披露的股票波动,但业绩预告的主观性和不确定性导致修正公告频出,业绩信息的反复变化干扰了投资者的决策。针对我国上市公司业绩预告修正公告市场反应的事件研究证明,修正公告存在信息含量:在[-50,25]、[-20,20]、[-1,1]三个窗口,不同修正类型公告的市场反应存在显著差异;"同向上升"、"同向下降"及"亏损"修正在公告日后存在显著逆向反应,表明我国资本市场存在逆向投资行为和高抛低买的前景效应。
[Abstract]:The establishment of the performance forecasting system aims to release the risk of performance in advance and reduce the volatility of stocks disclosed in the annual report. However, the subjectivity and uncertainty of the performance forecast lead to the frequent changes of the revised announcement, and the repeated changes of the performance information interfere with the investors' decision. According to the event research on the market reaction of the revised announcement of the performance forecast of the listed company in China, it is proved that there are three windows in the revised announcement: [-50 ~ 25], [-20], [-1], There were significant differences in the market response of different revised types of announcements, and significant adverse reactions existed in the "upward", "same downward" and "loss" revisions after the announcement. The result shows that there are adverse investment behavior and prospect effect of high selling and low buying in Chinese capital market.
【作者单位】： 北京工商大学商学院;中国植物油公司;
【基金】：教育部人文社会科学青年基金资助项目(12YJC630124) 北京工商大学人文社科类青年教师科研启动基金资助项目(QNJJ2011-04)
【分类号】：F832.51;F224
，
本文编号：2210218
[Abstract]:The establishment of the performance forecasting system aims to release the risk of performance in advance and reduce the volatility of stocks disclosed in the annual report. However, the subjectivity and uncertainty of the performance forecast lead to the frequent changes of the revised announcement, and the repeated changes of the performance information interfere with the investors' decision. According to the event research on the market reaction of the revised announcement of the performance forecast of the listed company in China, it is proved that there are three windows in the revised announcement: [-50 ~ 25], [-20], [-1], There were significant differences in the market response of different revised types of announcements, and significant adverse reactions existed in the "upward", "same downward" and "loss" revisions after the announcement. The result shows that there are adverse investment behavior and prospect effect of high selling and low buying in Chinese capital market.
【作者单位】： 北京工商大学商学院;中国植物油公司;
【基金】：教育部人文社会科学青年基金资助项目(12YJC630124) 北京工商大学人文社科类青年教师科研启动基金资助项目(QNJJ2011-04)
【分类号】：F832.51;F224
，
本文编号：2210218
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